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Healthcare/Medical Device ManufacturerA manufacturer of an assistive technology device for the healthcare/medical device market was enjoying significant success serving the child segment of the population suffering from a physical disorder. The manufacturer's product, based upon existing technology, was considered one of the most effective on the market by patient users, their families and health professionals alike. The manufacturer also had a new technology product with different features and functions that met the needs of select members of its existing market segment.The manufacturer believed it could offer some of its existing products and the new technology product to the adult segment of the population suffering from the same physical disorder as its existing child end user customers. The manufacturer needed to know how to define and size the adult market, and determine the market strategies and programs that it could use to most effectively "unlock" the opportunity. The manufacturer asked Frank Lynn & Associates to analyze the adult market for the assistive technology device to help it determine the segments that exist within the market, estimate the size of each segment and define the device features required by each one. Based upon the initial findings, Frank Lynn & Associates was then asked to recommend which market segments to target and what strategies and programs to employ to maximize revenues and profits. The Solution Frank Lynn & Associates employed a five-step process to analyze the adult market opportunity for the assistive technology device. 1. Data and information gathering. This initial research phase undertook to capture as much information as possible about patients, families and health professionals in the adult market segment for the assistive technology device, including specific medical needs and desired device features. Frank Lynn & Associates gathered the information through a rigorous search of secondary literature and a set of primary qualitative interviews with industry experts and health professionals. Key findings: There is a need to segment the adult patient population so that the company targets patients with the appropriate characteristics and capabilities. There is a need to segment various health professionals because their views of assistive devices vary considerably. There is a need to understand "treatment paths" so that we know where and when patients receive treatment as their conditions change. 2. Initial strawman. Based upon the initial research, Frank Lynn & Associates prepared a report for the client that outlined the initial findings about the adult population's composition, size and device feature requirements. The Frank Lynn & Associates report focused the team's remaining efforts on the "best bet" market opportunities. Key findings: Specific segments offer the greatest opportunity. It is possible to target those health professionals who serve as gatekeepers to the use of certain technologies. It is also possible to identify the "paths" that adult patients go through for treatment and the points along those "paths" where they can be best served. The company should use different strategies and programs to reach the various audiences in the near term, mid term and long term. 3. Second set of primary interviews. Frank Lynn & Associates interviewed additional industry experts and healthcare providers to validate information we had gathered, fill in holes in our knowledge and test our hypotheses regarding strategy options and supporting programs. Key findings: Selected medical facilities evaluate patients for use of the assistive device. Only a very small percentage of patients are referred to these facilities for evaluation and are provided with the assistive device. Families influence the health professional's decision to refer a patient to a qualified medical facility. 4. Insights and strategies. With all data and information gathering complete, we analyzed the various strategies and programs to decide which were the best options to pursue. Key findings: Pursue a strategy that increases referrals to the select medical facilities. This can best be done by targeting three separate audiences: the adult patient and his/her family, the health professional, and the qualified medical facility. Create separate strategies and programs for each target audience. For efficiency purposes, address all three audiences with the same program when possible. Keep audience programs separate when they provide the most impact for only one segment. 5. Final strategy and programs. Following an analysis of the degree of impact of the various strategy and program options, Frank Lynn & Associates recommended the most effective ones and prioritized them based on the degree to which they would impact results in the short term, mid term and long term. We presented strategies and programs in four categories:
Summary Frank Lynn & Associates helped the client understand the dynamics of the adult market for the assistive device and identify the "best fit" segments. In particular, we offered the client valuable insights about the composition of the market, target audiences and how and when devices are specified and purchased. We developed strategies and programs to address each target audience and increase the opportunities to have the client's device specified. |
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